Hood joined the Cavaliers at the trade deadline last season, coming over from Utah. The 6-foot-8 Hood was offered a $3.4 million qualifying offer from Cleveland in June and agreed to sign it over the weekend.

He'll be an unrestricted free agent next summer.

Hood made 11 starts and played in 21 regular-season games for Cleveland, averaging 10.8 points and 2.6 rebounds. In 17 playoff games, he averaged 5.4 points and 1.8 rebounds as the Cavaliers made it to the Finals for the fourth year in a row.

He began the postseason in coach Tyronn Lue's starting lineup but lost playing time and then caused some drama when he refused to enter a blowout win.

Hood could have a larger role this season following LeBron James' departure as a free agent.